Market forces + Oil | The Guardianhttp://www.theguardian.com/business/series/market-forces+oil
Indexen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2015Sun, 02 Aug 2015 21:42:16 GMT2015-08-02T21:42:16Zen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2015The Guardianhttp://assets.guim.co.uk/images/guardian-logo-rss.c45beb1bafa34b347ac333af2e6fe23f.pnghttp://www.theguardian.com
Dragon Oil agrees £3.7bn offer from Dubai-based ENOChttp://www.theguardian.com/business/marketforceslive/2015/jun/15/dragon-oil-agrees-37bn-offer-from-dubai-based-enoc
<p>Company accepts bid after ENOC raises offer but minorities must approve deal</p><p><strong>Dragon Oil </strong>has agreed a &pound;3.7bn takeover after its suitor, Dubai-based Emirates National Oil Company, raised its offer for the business.</p><p>Shares in Dragon, which produces oil from Turkmenistan, have jumped 59p or nearly 9% to 729p on the news. ENOC, which already owns nearly 54% of its target, made an original (unspecified) approach in March , lifted its offer to 735p a share in May and has now raised that to 750p. This is its second attempt at buying Dragon after minority shareholders rejected a bid in 2009. A majority of the shareholders excluding ENOC have to approve the new deal for it to go through.</p><p>The revised offer represents the third price that ENOC, Dragon’s 54% majority shareholder, has put to the company. The level of the initial offer has not been made public.</p><p>We see fair takeover value at 700-750p per share, so this recommended offer is at the top end of our anticipated valuation range. The shares have been trading at a 5-10% discount to the level of the prior offer and we believe this discount should now close substantially. We will review our rating depending on how quickly this discount erodes.</p> <a href="http://www.theguardian.com/business/marketforceslive/2015/jun/15/dragon-oil-agrees-37bn-offer-from-dubai-based-enoc">Continue reading...</a>BusinessOilMon, 15 Jun 2015 10:43:25 GMThttp://www.theguardian.com/business/marketforceslive/2015/jun/15/dragon-oil-agrees-37bn-offer-from-dubai-based-enocPhotograph: Jerry Kobalenko/Getty ImagesKarakum Desert in Turkmenistan.Photograph: Jerry Kobalenko/Getty ImagesKarakum Desert in Turkmenistan.Nick Fletcher2015-06-15T10:43:25ZFTSE fall accelerates but Experian and Lloyds buck downward trendhttp://www.theguardian.com/business/marketforceslive/2015/may/12/ftse-fall-accelerates-but-experian-and-lloyds-buck-downward-trend
<p>Leading shares lose nearly 2% on Greek woes, bond fears and rate rise talk</p><p>Amid the market rout on Greek concerns, falling bonds and concerns about rising interest rates, only two FTSE 100 shares are now bucking the downward trend.</p><p><strong>Experian</strong>, the credit checking agency, is up 13p at &pound;11.90 despite reporting a 4% fall in full year profits to $1bn, hit by adverse foreign exchange movements including the Brazilian real. Investors took note of comments from the company that it felt it had passed “the peak rate of decline.”</p><p>European equity markets are sustaining heavy losses as Athens gives with one hand and takes with another. No sooner had Greece got back into traders’ good books after making a repayment to the IMF, a comment from Yanis Varoufakis about the country’s solvency sparked a new selloff. Greece has been living hand to mouth for the past five years, and now that the last bailout is due to expire next month there is the very real prospect of a default. The country scrapped together what little free cash it had to meet the latest repayment, and is now living on a shoestring budget. If the Greek government doesn’t meet the demands of its creditors over reform, a default is in the pipeline.</p><p>We are expecting the Dow Jones to open 85 points lower, at 18,020, as concerns over Greece have reached Wall Street. Not only is the US market spooked by the European equity selloff, but the remarks by John Williams of the San Francisco Fed about little or no warning over an interest rate rise is also applying pressure to the US market. Mr Williams is keeping traders on their toes and the fear of a sooner-than-expected rate rise is causing a stir across the pond.<br /></p> <a href="http://www.theguardian.com/business/marketforceslive/2015/may/12/ftse-fall-accelerates-but-experian-and-lloyds-buck-downward-trend">Continue reading...</a>Market turmoilExperianLloyds Banking GroupBondsOilTue, 12 May 2015 09:47:48 GMThttp://www.theguardian.com/business/marketforceslive/2015/may/12/ftse-fall-accelerates-but-experian-and-lloyds-buck-downward-trendPhotograph: Matt Dunham/APLloyds Banking Group shares edge higher despite market slump.Photograph: Matt Dunham/APLloyds Banking Group shares edge higher despite market slump.Nick Fletcher2015-05-12T09:47:48ZGatwick oil find company says licence runs out in Septemberhttp://www.theguardian.com/business/marketforceslive/2015/apr/28/gatwick-oil-find-company-says-licence-runs-out-in-september
<p>After rowing back on 100bn barrels claim, UK Oil now says licence extension is being negotiated</p><p>More potentially bad news for those hoping Gatwick would turn out to be the new Dallas.</p><p>To recap, <strong>UK Oil and Gas Investments</strong> caused some excitement earlier this month by saying there might be 100bn barrels of oil near the airport after results from drilling the Horse Hill well.</p><p>In light of the news that PEDL137 is in process of being renewed, it seems a little odd that the Horse Hill prospectivity has been hyped and deflated the way it has – it has created a headwind for the operator in the negotiation of the terms of the obligation work programme in return for the extension.</p><p>Still, we don’t believe that the licence will be rescinded, or not extended, but the demands will be onerous on the group to fulfil, and given the planning headwinds, we don’t see a year being enough time.</p> <a href="http://www.theguardian.com/business/marketforceslive/2015/apr/28/gatwick-oil-find-company-says-licence-runs-out-in-september">Continue reading...</a>BusinessOil and gas companiesOilTue, 28 Apr 2015 10:48:06 GMThttp://www.theguardian.com/business/marketforceslive/2015/apr/28/gatwick-oil-find-company-says-licence-runs-out-in-septemberPhotograph: Gareth Fuller/PAHorse Hill drilling rigPhotograph: Gareth Fuller/PAHorse Hill drilling rigNick Fletcher2015-04-28T10:48:06ZGatwick oil find company plays down 100bn barrel commentshttp://www.theguardian.com/business/marketforceslive/2015/apr/15/gatwick-oil-find-company-plays-down-100bn-barrel-comments
<p>UK Oil and Gas says not in a position to verify initial claims of possible reserves</p><p>Gatwick may not be the new Dallas after all.</p><p>Reports that an oil minnow may have discovered up to 100bn barrels of oil near the UK airport <a href="http://www.theguardian.com/business/2015/apr/09/west-sussex-oilfield-could-produce-50-to-100m-barrels-of-oil"><strong>sent its shares soaring last week and prompted criticism from environmentalists.</strong></a></p><p>The Horse Hill licences cover 55 square miles of Weald Basin....It is estimated that the relevant Jurassic section of the Weald Basin is approximately 1,100 square miles.</p><p>The company has not undertaken work outside of its licence areas sufficient to comment on the possible oil in place in either the approximate 1,100 square miles or the whole of the Weald Basin.</p> <a href="http://www.theguardian.com/business/marketforceslive/2015/apr/15/gatwick-oil-find-company-plays-down-100bn-barrel-comments">Continue reading...</a>BusinessOilOilOil and gas companiesWed, 15 Apr 2015 08:58:09 GMThttp://www.theguardian.com/business/marketforceslive/2015/apr/15/gatwick-oil-find-company-plays-down-100bn-barrel-commentsPhotograph: PETER NICHOLLS/REUTERSAn exploratory well-head at the Horse Hill site.Photograph: PETER NICHOLLS/REUTERSAn exploratory well-head at the Horse Hill site.Nick Fletcher2015-04-15T08:58:09ZAfren slumps by 55% as it seeks new fundinghttp://www.theguardian.com/business/marketforceslive/2015/jan/27/afren-slumps-by-55-as-it-seeks-new-funding
<p>Struggling oil producer needs to tap shareholders for cash worth more than market value</p><p>Troubled oil producer <strong>Afren</strong> has lost half of its value after admitting it needed to raise funds in excess of its market capitalisation to avoid running out of cash.</p><p>The company has suffered a number of problems, including finding unauthorised payments which led to the dismissal of a number of top executives and suspending operations in Iraq Kurdistan after finding dry wells.<br /></p><p>Assuming the company’s current debt structure remains unchanged, there is an equity funding requirement which is likely to be significant and in excess of the company’s current market capitalisation.</p><p>New funds will be required to meet interest and principal repayments, working capital and a reduced capital expenditure programme.</p><p>We have previously flagged the balance sheet risk for Afren and it is now in a position where it seeks funding to address its additional requirements. Assuming its current debt structure remains unchanged, there is an equity funding requirement which is likely to be significant and in excess of its current market capitalisation (&pound;196m). </p><p>Despite the painful introspective that the company has undertaken recently, there was always a sense that the underlying business was managed in a way that provided some measure of resilience.</p><p>It is somewhat shocking then to hear that the debt needs to be restructured and scheduled payments deferred. Whilst we accept that the magnitude of the downward spike in the oil price has been dramatic, we must also try to understand why the risks in the business were allowed to build to such a level.</p> <a href="http://www.theguardian.com/business/marketforceslive/2015/jan/27/afren-slumps-by-55-as-it-seeks-new-funding">Continue reading...</a>BusinessOilTue, 27 Jan 2015 09:55:02 GMThttp://www.theguardian.com/business/marketforceslive/2015/jan/27/afren-slumps-by-55-as-it-seeks-new-fundingPhotograph: STRINGER/IRAQ/REUTERSAfren hit by problems in Kurdistan. Photo: Reuters/Iraq/StringerPhotograph: STRINGER/IRAQ/REUTERSAfren hit by problems in Kurdistan. Photo: Reuters/Iraq/StringerNick Fletcher2015-01-27T09:55:02ZFTSE flies high on Fed rate hints and Greek hopeshttp://www.theguardian.com/business/marketforceslive/2014/dec/18/ftse-flies-high-on-fed-rate-hints-and-greek-hopes
<p>Santa rally kicks off in earnest as investors brush aside Russian and Greek worries</p><p>The nervous Santa rally which began this week took flight in earnest on Thursday, and it was mainly central banks behind the surge once more.</p><p>Markets were initially buoyed by the overnight news from the US Federal Reserve that it was “patient” about raising interest rates, which saw the dollar slip and commodities climb. Concerns that an early Fed increase could dampen global economic growth were allayed - for now.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/dec/18/ftse-flies-high-on-fed-rate-hints-and-greek-hopes">Continue reading...</a>Market turmoilTescoJ SainsburyCRHARMOilOld MutualSABMillerAstraZenecaInternational Airlines GroupUnited UtilitiesCoca-Cola Hellenic Bottling CompanyBTAvevaThu, 18 Dec 2014 17:09:35 GMThttp://www.theguardian.com/business/marketforceslive/2014/dec/18/ftse-flies-high-on-fed-rate-hints-and-greek-hopesPhotograph: Seth Wenig/APTraders at the New York Stock Exchange as markets surge. Photo: Seth Wenig/AP.Photograph: Seth Wenig/APTraders at the New York Stock Exchange as markets surge. Photo: Seth Wenig/AP.Nick Fletcher2014-12-18T17:09:35ZFTSE 100 edges higher despite oil company fall, as Imperial Tobacco gainshttp://www.theguardian.com/business/marketforceslive/2014/nov/04/ftse-100-edges-higher-despite-oil-company-fall-as-imperial-tobacco-gains
<p>Cigarette maker reports in-line results and lifts dividend despite challenging markets</p><p>Despite oil companies proving a drag on the market, leading shares are managing to make a little headway.</p><p><strong>Imperial Tobacco</strong> is among the main risers, up 79p to &pound;27.46. The cigarette maker saw a decline in full year revenues and profits, hit by exchange rates and declining sales as people cut back or quit smoking. But it has tackled this with cost cuts, saving &pound;60m during the year, and the figures were in line with expectations. Tobacco revenues fell 6% to &pound;6.5bn and adjusted operating profit was down 5% to &pound;3bn.</p><p>Trading conditions remain tough in many territories but the actions we’ve taken to enhance the quality and sustainability of the business have put us in a stronger position to drive growth and create sustainable value for our shareholders.</p><p>Imperial Tobacco released 2014 full year results which were in line with both the market and our own expectations.</p><p>Importantly, Imperial delivered its promised 10% dividend advance in 2014 and remains on track to hand over a similar gain in 2015.</p><p>Following the market weakness at the end of the third quarter and beginning of the fourth, we are turning more positive on the European asset managers and upgrade Schroders to outperform (from neutral)... we reinstate coverage on Man Group with an outperform rating and 138p target price. We expect the European asset managers to deliver strong 2014-16 earnings per share compound annual growth rates, which, combined with strengthening surplus capital positions, indicates scope for a significant ramp-up in shareholder distributions.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/nov/04/ftse-100-edges-higher-despite-oil-company-fall-as-imperial-tobacco-gains">Continue reading...</a>BusinessImperial TobaccoLegal and GeneralOilRoyal Dutch ShellBPTullow OilSchrodersManTue, 04 Nov 2014 09:46:15 GMThttp://www.theguardian.com/business/marketforceslive/2014/nov/04/ftse-100-edges-higher-despite-oil-company-fall-as-imperial-tobacco-gainsPhotograph: Bloomberg/Bloomberg via Getty ImagesImperial Tobacco lifted by positive update. Photo:. Chris Ratcliffe/Bloomberg via Getty ImagesPhotograph: Bloomberg/Bloomberg via Getty ImagesImperial Tobacco lifted by positive update. Photo:. Chris Ratcliffe/Bloomberg via Getty ImagesNick Fletcher2014-11-04T09:46:15ZFTSE falters after bright start as oil and technology companies drag down markethttp://www.theguardian.com/business/marketforceslive/2014/oct/20/ftse-falters-after-bright-start-as-oil-and-technology-companies-drag-down-market
<p>Disappointing updates from SAP and IBM hit shares, while crude price slides again</p><p>A fall in oil and technology shares sent leading shares lower again after an early attempt at a rally fizzled out.</p><p>With continuing worries about the state of the global economy, crude prices slipped further with Brent down another 1.65% to $84.74 a barrel.</p><p>Sears refers in its statement to its on-going transformation to “one of the largest real estate portfolios in the US over time”. It is progressively moving from retailer to landlord.</p><p>To put this in context Sears has over 2,000 stores in the US and can offer a huge amount of floor space to any would-be tenant. Teaming up with ABF/Primark would seem to open enormous possibilities down the line should Primark’s foray in to the North East prove a success and a springboard into the rest of the US.</p><p>Well, it looks as if Tesco will keep their powder dry on Thursday on the UK turnaround strategy and play down any rights issue plans, so will that tempt Sainsbury to have a rights issue on the back of its interims/strategy update on 12 November?</p><p>bwin.party’s capacity to “pull itself up by its bootstraps” could be just the investment case that investors are looking for in these turbulent markets. After years of frustration and disappointment there is bound to be scepticism, but the third quarter update showed signs of green shoots. Product upgrades are being developed and delivered more quickly, supporting growth where it matters, in sports, and in nationally regulated and/or taxed markets.</p><p>We can see the attractions of giving priority to breaking up the group. However, maximising value depends on negotiating from a position of strength and recent management actions may be providing that strength. We believe the shares are priced for a continuation of the status quo. The most recent trading data however, suggests that things are beginning to change.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/oct/20/ftse-falters-after-bright-start-as-oil-and-technology-companies-drag-down-market">Continue reading...</a>BusinessOilTechnologyBGTullow OilRoyal Dutch ShellPetrofacIBMARMAssociated British FoodsTescoJ SainsburyEvrazMon, 20 Oct 2014 16:15:11 GMThttp://www.theguardian.com/business/marketforceslive/2014/oct/20/ftse-falters-after-bright-start-as-oil-and-technology-companies-drag-down-marketPhotograph: CARL COURT/AFP/Getty ImagesCrude prices continue to slide and hit oil company shares. Photo: AFP?Getty Images, Carl CourtPhotograph: CARL COURT/AFP/Getty ImagesCrude prices continue to slide and hit oil company shares. Photo: AFP?Getty Images, Carl CourtNick Fletcher2014-10-20T16:15:11ZFTSE 100 slumps on Shire deal doubts but airlines rise on falling oil pricehttp://www.theguardian.com/business/marketforceslive/2014/oct/15/ftse-100-slumps-on-shire-deal-doubts-but-airlines-rise-on-falling-oil-price
<p>International Airlines Group and easyJet lead risers but healthcare drags market down</p><p>Leading shares are on the slide again as the healthcare sector was hit by news that a US bid for <strong>Shire</strong> <a href="http://www.theguardian.com/business/2014/oct/15/shire-shares-crash-abbvie-takeover-drug-us-tax-inversion-deal"><strong>may not go ahead.</strong></a></p><p>But the continuing decline in the oil price has once more benefited travel and transport companies, thanks to the prospect of lower fuel costs.</p><p>With a firm price now in the open we can’t rule out other bidders but only a handful of semiconductor companies could compete with Qualcomm on this, in our view.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/oct/15/ftse-100-slumps-on-shire-deal-doubts-but-airlines-rise-on-falling-oil-price">Continue reading...</a>Market turmoilOilBusinessInternational Airlines GroupeasyJetTui TravelCarnivalTullow OilRoyal Dutch ShellAstraZenecaSmith and NephewWed, 15 Oct 2014 08:48:14 GMThttp://www.theguardian.com/business/marketforceslive/2014/oct/15/ftse-100-slumps-on-shire-deal-doubts-but-airlines-rise-on-falling-oil-pricePhotograph: imagebroker / Alamy/AlamyTui Travel shares benefit from hopes of lower fuel costs. Photo: AlarmyPhotograph: imagebroker / Alamy/AlamyTui Travel shares benefit from hopes of lower fuel costs. Photo: AlarmyNick Fletcher2014-10-15T08:48:14ZFTSE 100 falls again as Burberry drops but mining shares provide some supporthttp://www.theguardian.com/business/marketforceslive/2014/oct/14/ftse-100-falls-again-as-burberry-drops-but-mining-shares-provide-some-support
<p>Investors continue to be rattled by global concerns and poor trading updates</p><p>Mining shares are helping to support the market in what looks set to be another volatile day.</p><p>Following on from better than expected trade data on Monday from China, a key consumer of commodities, <strong>Anglo American</strong> has added 41.5p to 1429.5p, <strong>BHP Billiton</strong> is 18.5p better at &pound;16.79 and <strong>Rio Tinto</strong> has risen 85p to &pound;31.75. Five of the top ten risers in the FTSE 100 are mining shares.</p><p>Oil prices continue to fall, as a price war appears to be unfolding between Opec producers and the rest of the world. In previous cycles, the US economy would have benefited from lower oil prices, but with the US now a major oil producer, lower oil prices are having a negative effect. Oil importing countries including Europe, Japan and China should benefit from lower oil prices overall, but they do so against the backdrop of a weaker US.</p><p>We have been sellers of Hargreaves, not because we think it is a bad business, quite the reverse. However, we have been concerned about margin pressure and the ability to grow at the sort of rates the market valuation implies. Today’s statement confirms that both of these points continue to be issues.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/oct/14/ftse-100-falls-again-as-burberry-drops-but-mining-shares-provide-some-support">Continue reading...</a>BusinessMarket turmoilOilMiningBHP BillitonAnglo AmericanRio TintoBPBurberryMulberryHargreaves LansdownMichael Page InternationalTue, 14 Oct 2014 09:01:51 GMThttp://www.theguardian.com/business/marketforceslive/2014/oct/14/ftse-100-falls-again-as-burberry-drops-but-mining-shares-provide-some-supportPhotograph: BHP BILLITON/AFP/Getty ImagesBHP Billiton processing plant near the Olympic Dam mine in South Australia. Photo: BHP BillitonAFP/Getty ImagesPhotograph: BHP BILLITON/AFP/Getty ImagesBHP Billiton processing plant near the Olympic Dam mine in South Australia. Photo: BHP BillitonAFP/Getty ImagesNick Fletcher2014-10-14T09:01:51ZMarket forces: Oil on troubled markets | Open door at Travelodge | Rusal needs rescuing | Time to NAB a bargainhttp://www.theguardian.com/business/2009/jun/14/market-forces-ing-bank-travelodge
<p><strong>Oil on troubled markets</strong></p><p>Analysts at Dutch bank ING fear that the stockmarket is about to tumble. As always, the trick is to hold your nerve for the next rally and invest in stocks with defensive qualities. Among the pick of ING's crop is the oil group BP. The company should be cushioned by the relatively strong oil price, and bolstered by cost-cutting measures that have been implemented over the past 12 months. Buy up to 565p.</p> <a href="http://www.theguardian.com/business/2009/jun/14/market-forces-ing-bank-travelodge">Continue reading...</a>BusinessUK newsBankingOilTravel & leisureRecessionSat, 13 Jun 2009 23:01:00 GMThttp://www.theguardian.com/business/2009/jun/14/market-forces-ing-bank-travelodgeRichard Wachman2009-06-13T23:01:00ZMarket forceshttp://www.theguardian.com/business/2009/jan/11/punch-taverns-oil-market-forces
<p>Pub groups have been hammered by the downturn in consumer spending, Punch Taverns being a case in point. Its stretched balance sheet and heavy indebtedness has scared investors and the shares have plummeted by around 90 per cent to 70p in a year. This week's trading statement is awaited with understandable nervousness after the company disclosed it had plunged into the red when it published annual results in November. Since then sentiment has gone from bad to worse, with house broker Morgan Stanley publishing a report highlighting the possibility that the company could be forced into a debt-for-equity swap by its bankers. </p> <a href="http://www.theguardian.com/business/2009/jan/11/punch-taverns-oil-market-forces">Continue reading...</a>Punch TavernsOilBusinessSun, 11 Jan 2009 00:01:00 GMThttp://www.theguardian.com/business/2009/jan/11/punch-taverns-oil-market-forcesRichard Wachman2009-01-11T00:01:00ZMarket forces: Tullow Oil in demandhttp://www.theguardian.com/business/2008/aug/21/marketforces.tullowoil
<p>Tullow Oil was in demand yesterday after some positive comment from analysts and suggestions that it could be a takeover candidate.</p><p>The oil and gas explorer, which is due to release half-year results next Wednesday, added 47.5p to 741.5p after UBS raised its recommendation from neutral to buy and set a 950p target.</p> <a href="http://www.theguardian.com/business/2008/aug/21/marketforces.tullowoil">Continue reading...</a>BusinessTullow OilOilOil and gas companiesWed, 20 Aug 2008 23:01:00 GMThttp://www.theguardian.com/business/2008/aug/21/marketforces.tullowoilNick Fletcher2008-08-20T23:01:00ZMarket forces: $200 a barrel oil is good news for Cairnhttp://www.theguardian.com/business/2008/may/16/cairnenergybusiness.stockmarkets
<p><strong>Cairn Energy</strong> was among the leading risers yesterday after a hefty note on the oil exploration and production sector by analysts at UBS.</p><p>The bank - which said the price of crude oil could reach $200 a barrel by 2015 - raised its recommendation on Cairn from neutral to buy and its price target from &pound;32.50 to &pound;45. UBS said Cairn was particularly well placed to benefit from rising oil prices as it has a large reserve base in development. &quot;Our more bullish view is supported by the company's progress regarding the Rajasthan developments,&quot; it added. &quot;Most notably, the Indian government has agreed to pay for the export pipeline, and with the contracts for the pipeline's construction now awarded, we have growing faith in a start-up for the Mangala field in the second half of 2009.&quot;</p> <a href="http://www.theguardian.com/business/2008/may/16/cairnenergybusiness.stockmarkets">Continue reading...</a>Cairn EnergyOilBusinessThu, 15 May 2008 23:26:36 GMThttp://www.theguardian.com/business/2008/may/16/cairnenergybusiness.stockmarketsNick Fletcher2008-05-15T23:26:36ZNick Huber: Retailers see sudden rush to buyhttp://www.theguardian.com/business/2008/apr/29/marketforces.retail
<p>London's top share index ended slightly lower yesterday after early gains on record oil prices, strong results and reports of another multibillion-pound bank rights issue faded after a muted opening from Wall Street.</p><p><strong>Whitbread</strong>, up 37p at &pound;12.26, was among the top risers after the owner of Britain's biggest hotel and coffee-shop chains announced plans to expand its Premier Inn and Costa Coffee shops significantly. It also reported better than expected annual results.</p> <a href="http://www.theguardian.com/business/2008/apr/29/marketforces.retail">Continue reading...</a>Retail industryCredit crunchWhitbreadFood & drink industryBankingBPRoyal Dutch ShellOilBusinessMon, 28 Apr 2008 23:04:06 GMThttp://www.theguardian.com/business/2008/apr/29/marketforces.retailNick Huber2008-04-28T23:04:06ZNick Fletcher : Buffett rumour ignites interest in Centricahttp://www.theguardian.com/business/2008/apr/23/oil.centricabusiness
<p>British Gas owner <strong>Centrica</strong> climbed 4.5p to 305p yesterday on talk of stakebuilding by billionaire investment guru Warren Buffett. The world's richest man was said by traders to be buying shares through his Berkshire Hathaway conglomerate, and at 21m, the volume of Centrica shares traded was higher than in recent days.</p><p>Buffett is known for taking stakes in what he perceives as undervalued and defensive companies, such as Coca-Cola, Kraft Foods and Tesco. Through its MidAmerican Energy subsidiary, Berkshire Hathaway also owns UK utilities Yorkshire Electricity and Northern Electric, which between them serve 3.8m customers.</p> <a href="http://www.theguardian.com/business/2008/apr/23/oil.centricabusiness">Continue reading...</a>OilCentricaBusinessWarren BuffettTue, 22 Apr 2008 23:11:47 GMThttp://www.theguardian.com/business/2008/apr/23/oil.centricabusinessNick Fletcher2008-04-22T23:11:47ZNick Huber: Oil provides light at end of five-day tunnelhttp://www.theguardian.com/business/2008/apr/16/marketforces.oil
<p>A Brazilian oil bonanza, bumper profits, and settlement of a legal dispute in the drug industry helped Britain's blue-chip share index end higher yesterday. The FTSE 100 closed up 75.3 points at 5906.9, ending five days of consecutive falls.</p><p><strong>Tesco</strong> was the biggest riser after Britain's biggest retailer reported record annual profits of &pound;2.8bn and said the new financial year had started strongly despite the economic downturn. It closed up 28.5p, or 7%, at 419.25p </p> <a href="http://www.theguardian.com/business/2008/apr/16/marketforces.oil">Continue reading...</a>OilBusinessTue, 15 Apr 2008 23:39:03 GMThttp://www.theguardian.com/business/2008/apr/16/marketforces.oilNick Huber2008-04-15T23:39:03ZReversal for resources, relief for othershttp://www.theguardian.com/business/2008/mar/21/mining.oil
<p>Miners and oil stocks lost ground yesterday as commodity prices dropped sharply, on fears that a prolonged US recession would lead to falling demand.</p><p>Oil slid below $100 a barrel, with gold and platinum both down about 4% as profit-takers moved in. The dollar saw a mini-revival as investors moved their cash from commodities to the US currency.</p> <a href="http://www.theguardian.com/business/2008/mar/21/mining.oil">Continue reading...</a>MiningOilBusinessFri, 21 Mar 2008 00:08:00 GMThttp://www.theguardian.com/business/2008/mar/21/mining.oilNick Fletcher2008-03-21T00:08:00ZMarket forces: Interest rate decision takes its toll on FTSEhttp://www.theguardian.com/business/2008/jan/12/marketforces.interestrates
Market forces<p>The Bank of England's decision to keep interest rates on hold on Thursday was not popular with the market yesterday, and the <strong>FTSE 100</strong> closed down 20.7 points, or 0.3%, at 6202, after falling as much as 1.2% during the day.</p><p><strong>Unilever</strong> was one of the top fallers in the index of 100 leading shares, following a downgrade from Morgan Stanley. Analysts at the bank downgraded the company to underweight from equal-weight, saying the operational improvement delivered by management during the past three years was now fully reflected in the price.</p> <a href="http://www.theguardian.com/business/2008/jan/12/marketforces.interestrates">Continue reading...</a>Interest ratesUnileverOilBPPersimmonPremier FoodsFood & drink industryBusinessSat, 12 Jan 2008 23:37:53 GMThttp://www.theguardian.com/business/2008/jan/12/marketforces.interestratesMarianne Barriaux2008-01-12T23:37:53ZMarket forces: Taxing time for BP, worrying time for M&amp;Shttp://www.theguardian.com/business/2008/jan/10/bp.oil
<p><strong>BP</strong> shares fell 23p to 610.5p as word went around the market that the company was advising analysts to lower their forecasts for the fourth quarter. While BP denied this was the case, it is true that it had rung analysts to get their estimates ahead of the announcement of its figures on February 5. This seems to have concentrated minds, and as a consequence Merrill Lynch for one has slashed its fourth-quarter numbers - by a hefty 25%. In a five-page note out yesterday, Merrill pointed to a higher tax charge because of the recent surge in the oil price to - briefly - $100 a barrel.</p><p>Analyst Mark Iannotti said: &quot;We increase our fourth-quarter tax charge to 43% from 36%. This is largely due to tax that will be accrued in the quarter on significant profits (in excess of $1bn) made on inventory gains. Note that in the fourth quarter of 2006, when the company made roughly the same level of inventory losses as gains this year, the tax rate fell from a 'normal' 35% to 25%.&quot;</p> <a href="http://www.theguardian.com/business/2008/jan/10/bp.oil">Continue reading...</a>BPOilMarks & SpencerRetail industryNextPharmaceuticals industryAstraZenecaGlaxoSmithKlineBusinessOil and gas companiesThu, 10 Jan 2008 00:02:36 GMThttp://www.theguardian.com/business/2008/jan/10/bp.oilNick Fletcher2008-01-10T00:02:36Z